Key Hedge Fund Moves: Tiger Global Slashes Meta Stake While Coatue Buys
Tiger Global Management reduced its Meta Platforms stake by nearly 63% in Q3, while rival Coatue Management increased its position, according to recent regulatory filings.
Key Takeaways
- Tiger Global sold 4.7 million Meta shares, reducing its position to sixth-largest US holding
- Coatue Management bought 355,000 Meta shares, making it their top US holding
- Meta shares have fallen 18% since June amid spending concerns
- Viking Global tripled its stake in PNC Financial Services
Major Portfolio Shifts Revealed
Tiger Global Management, led by billionaire Chase Coleman, sold approximately 4.7 million Meta shares during the third quarter. This left the hedge fund with about 2.8 million shares by September’s end, according to a November 14 regulatory filing. The reduction transformed Meta from Tiger Global’s largest US long position to its sixth-largest.
Lone Pine Capital, founded by Steve Mandel, also reduced its Meta exposure by selling roughly 343,000 shares.
Meta’s Market Challenges
The hedge funds’ selling appears timely. Meta shares have declined nearly 18% since June’s end as investors worry about the company’s substantial spending plans. The technology giant’s capital expenditures could reach $72 billion this year.
Coatue’s Contrary Bet
While some funds retreated, Coatue Management increased its Meta stake by purchasing approximately 355,000 shares. This moved Meta from Coatue’s second-largest US holding by market value to its top position.
The 13F filings provide limited insights into major stock pickers’ strategies. They show quarter-end positions but don’t reveal exact trading timing or short positions that might hedge these bets.
Other Significant Moves
Coatue, founded by Philippe Laffont, substantially reduced its CoreWeave position by 62%. The firm now holds about 6.7 million shares, dropping CoreWeave from its top US holding to 16th position. CoreWeave stock has fallen 53% since June despite earlier gains.
Among Tiger Cubs—firms founded by Tiger Management alumni—Viking Global Investors tripled its PNC Financial Services stake during Q3. The firm now holds nearly 8 million shares, making PNC its largest holding.
Unlike many peers focused on technology, Viking’s top four holdings are financial companies: PNC Financial Services, JPMorgan Chase, Charles Schwab, and Capital One Financial.
Source: BLOOMBERG
